The listing had been billed as the largest capital raise since Telstra in 1997.
The listing had been billed as the largest capital raise since Telstra in 1997.
Artificial intelligence infrastructure firm Firmus Technologies has pulled its highly anticipated listing on the Australian Stock Exchange, which had been billed as the biggest capital raising event since Telstra in 1997.
The move follows frenzied last-minute activity in the initial public offer phase, which first pitched the shares at A$11(NZ$13.57).
Australian media reported the offer price had been substantially revised downward before the company finally opted to pull the pin.
Uncertainty about the firm had emerged throughout the week as investment bankers worked on raising US$5.5 billion (NZ$9.2b) via an initial public offer.
“Having considered recent market volatility and prevailing market conditions, the board determined that the terms on which the offer could proceed would not appropriately reflect the strength of the company’s business and long-term growth outlook,” Firmus said.
